Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

October 24, 2006 09:42 ET

Eloro Identifies Third Polymetallic Zone in James Bay Mine District, Delta Grab Samples Up to 13% Copper and 108 G/T Silver

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - ELORO RESOURCES LTD. (TSX VENTURE:ELO) (FRANKFURT:P2Q)("Eloro" or the "Company") is pleased to announce that it has uncovered a third polymetallic zone consisting of copper, gold and silver on its 100% owned Delta Property (refer to the appended Figures 1, 2 and 3 for details) within the Eastmain Greenstone Belt, roughly 50 kilometers S-SW of Goldcorp Inc.'s Eleonore Gold Prospect.

Eloro's first polymetallic zone at the Summit Gabbre Property in the La Grande Greenstone Belt, located 125 kilometers north of Delta, was previously announced (refer to Eloro's Sept. 12, 2006 press release). A second zone was identified at Eastmain 1, some 5 kilometers to the north of Delta (refer to Oct. 18, 2006 Eloro press release). The Eastmain 1 and Delta zones appear to be associated with the same NE-SW trending linear feature extending across both properties. Eloro's wholly owned properties extend along the entire length of the 5 kilometer trend.

The Company completed an extensive field prospecting, mapping and sampling program of the Delta Property during August and September 2006. The exploratory work outlined a 1 kilometer long Volcanogenic Massive Sulphide (VMS) sequence, complete with chert-magnetite-sulphide iron formation; altered volcanic agglomerates; cherts; disseminated and semi-massive chalcopyrite-pyrite stringers and veins; and disseminated magnetite-pyrite-chalcopyrite.



Significant grab sample results (over 1% copper) from the sulphide
portion of the VMS at Delta include:

-----------------------------------------------------
Sample # Cu % Au g/t Ag g/t
-----------------------------------------------------
87656 2.34 0.04 9.2
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87657 6.33 0.22 21.4
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87658 2.91 0.67 8.5
-----------------------------------------------------
87659 8.94 0.45 36.0
-----------------------------------------------------
87660 9.00 0.51 56.0
-----------------------------------------------------
95757 5.85 trace 48.0
-----------------------------------------------------
95758 5.08 trace 49.8
-----------------------------------------------------
95760 13.04 trace 108.4
-----------------------------------------------------
293025 1.22 0.04 4.4
-----------------------------------------------------
293026 1.60 0.03 5.9
-----------------------------------------------------
293027 1.54 trace 5.1
-----------------------------------------------------
293101 1.55 0.08 15.0
-----------------------------------------------------
293104 2.60 0.06 8.7
-----------------------------------------------------
293116 9.08 0.06 27.0
-----------------------------------------------------
293117 3.52 0.07 14.0
-----------------------------------------------------
293151 2.59 0.03 9.3
-----------------------------------------------------
293152 1.64 0.04 6.4
-----------------------------------------------------


Following these positive results, Eloro hired GPR Geophysics of Longueil, Quebec, to immediately initiate an airborne (helicopter) high resolution magnetic and electromagnetic (EM) survey over the sector (including the Eastmain 1 Property). The survey, combined with the geology, should outline key priority targets for follow-up drilling. Eloro has also mobilized field crews on site to expose and channel sample, through surface trenching, additional sulphide bearing outcrops of VMS.

About Eloro Resources Ltd.

Eloro Resources Ltd. is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay District of northern Quebec and the Timmins Camp of northern Ontario. Eloro currently has 19 gold-copper-silver and uranium properties covering 425 square kilometers in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro has recently signed a Letter of Agreement with Cambior Inc. allowing Cambior to earn a 50% interest in the Lemoyne North, Sakami East and Taiga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010.

The technical content of this press release have been reviewed by Martin Bourgoin, P. Geo., Executive Vice-President, Exploration of Eloro, and the Company's Qualified Person under the guidelines of National Instrument 43-101.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Please note: There are maps available on CCNMatthew's website at the following address: http://www.ccnmatthews.com/docs/eloro.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eloro Resources Ltd.
    Thomas G. Larsen
    President and CEO
    (416) 868-9168
    or
    Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168
    Website: www.elororesources.com